Diligence an AI vendor for a US adviser or broker-dealer client
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- Extract the vendor’s AI-capability claims and data-use terms for comparison with the client’s Form ADV or marketing copy.
- What the lawyer must review
- Check the client's AI-use claims against SEC 2024-36 and the Marketing Rule
- Apply Formal Opinion 512 and Rule 1.6 to your own use of tools on the file
- Written for / version
- United States versionUS
Rules that apply
The document starts from the task name. Change it if this piece of work is different.
Who does what
| Role | What they do |
|---|---|
| Assistance | Potential support includes extracting and organising information and identifying points for review. Confirm the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.